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ZFH.TO vs. USHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFH.TO vs. USHY

Last updated Jun 4, 2026

ZFH.TO (BMO Floating Rate High Yield ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. ZFH.TO is actively managed, while USHY is passively managed. Over the past 5 years, ZFH.TO returned 6.72%/yr vs 7.22%/yr for USHY. At a 0.06 correlation, their price movements are largely independent. ZFH.TO charges 0.40%/yr vs 0.15%/yr for USHY.

Performance

ZFH.TO vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Floating Rate High Yield ETF (ZFH.TO) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZFH.TO is traded in CAD, while USHY is traded in USD. To make them comparable, the USHY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZFH.TO achieves a 2.17% return, which is significantly lower than USHY's 2.71% return.

ZFH.TO

1D
0.00%
1M
0.62%
YTD
2.17%
6M
1.34%
1Y
5.99%
3Y*
9.48%
5Y*
6.72%
10Y*
5.61%

USHY

1D
0.14%
1M
2.41%
YTD
2.71%
6M
1.38%
1Y
8.40%
3Y*
10.18%
5Y*
7.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFH.TO vs. USHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZFH.TO
BMO Floating Rate High Yield ETF		2.17%5.53%11.55%13.55%-0.94%4.73%-3.93%11.12%0.72%0.99%
USHY
iShares Broad USD High Yield Corporate Bond ETF		2.71%3.82%17.77%10.25%-4.85%4.07%4.38%8.63%5.86%-1.92%

Correlation

The correlation between ZFH.TO and USHY is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2017

0.06

The correlation between ZFH.TO and USHY shifts across timeframes, from 0.06 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.

ZFH.TO vs. USHY - Sectors Allocation Comparison

Sectors
ZFH.TO
USHY

Real Estate

6.8%
0.8%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

99.2%

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

ZFH.TO
6.8%
USHY
0.8%

Basic Materials

ZFH.TO

-

USHY

-

Communication Services

ZFH.TO

-

USHY

-

Consumer Cyclical

ZFH.TO

-

USHY

-

Consumer Defensive

ZFH.TO

-

USHY

-

Energy

ZFH.TO

-

USHY
99.2%

Financial Services

ZFH.TO

-

USHY

-

Healthcare

ZFH.TO

-

USHY

-

Industrials

ZFH.TO

-

USHY

-

Technology

ZFH.TO

-

USHY

-

Utilities

ZFH.TO

-

USHY

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Floating Rate High Yield ETF

iShares Broad USD High Yield Corporate Bond ETF

Often compared with ZFH.TO:
ZFH.TO vs. DXV.TOZFH.TO vs. ZCS.TOZFH.TO vs. GFEA.DEZFH.TO vs. XSI.TOZFH.TO vs. XSH.TOZFH.TO vs. VAB.TOZFH.TO vs. XSB.TO
Often compared with USHY:
USHY vs. HYGUSHY vs. SPHYUSHY vs. HYSUSHY vs. JNKUSHY vs. BKLNUSHY vs. HYLBUSHY vs. SPY

Return for Risk

ZFH.TO vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZFH.TO
ZFH.TO Risk / Return Rank: 4343
Overall Rank
ZFH.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZFH.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZFH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZFH.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
ZFH.TO Martin Ratio Rank: 4040
Martin Ratio Rank
USHY
USHY Risk / Return Rank: 6060
Overall Rank
USHY Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
USHY Sortino Ratio Rank: 6161
Sortino Ratio Rank
USHY Omega Ratio Rank: 6060
Omega Ratio Rank
USHY Calmar Ratio Rank: 5858
Calmar Ratio Rank
USHY Martin Ratio Rank: 6969
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZFH.TO vs. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.TO) and iShares Broad USD High Yield Corporate Bond ETF (USHY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

ZFH.TOUSHYDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.64

-0.10

Sortino ratioReturn per unit of downside risk
2.23
2.31

-0.08

Omega ratioGain probability vs. loss probability

1.29

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

1.84

2.55

-0.71

Martin ratioReturn relative to average drawdown

6.33

7.00

-0.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFH.TO vs. USHY - Sharpe Ratio Comparison

The current ZFH.TO Sharpe Ratio is 1.54, which is comparable to the USHY Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ZFH.TO and USHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZFH.TOUSHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

1.64

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

1.00

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.72

-0.08

Drawdowns

ZFH.TO vs. USHY - Drawdown Comparison

The maximum ZFH.TO drawdown since its inception was -20.98%, which is greater than USHY's maximum drawdown of -15.45%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and USHY.

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Drawdown Indicators

ZFH.TOUSHYDifference

Max Drawdown

Largest peak-to-trough decline

-20.98%

-15.45%

-5.53%

Max Drawdown (1Y)

Largest decline over 1 year

-3.27%

-3.31%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-6.40%

-7.58%

+1.18%

Max Drawdown (5Y)

Largest decline over 5 years

-9.53%

-14.67%

+5.14%

Max Drawdown (10Y)

Largest decline over 10 years

-20.98%

—

—

Current Drawdown

Current decline from peak

-0.20%

0.00%

-0.20%

Average Drawdown

Average peak-to-trough decline

-1.80%

-2.33%

+0.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

1.20%

-0.25%

Volatility

ZFH.TO vs. USHY - Volatility Comparison

The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.96%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.14%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFH.TOUSHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

1.14%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

4.12%

-1.11%

Volatility (1Y)

Calculated over the trailing 1-year period

3.92%

5.13%

-1.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.42%

7.23%

-0.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.33%

7.99%

+0.34%

ZFH.TO vs. USHY - Expense Ratio Comparison

ZFH.TO has a 0.40% expense ratio, which is higher than USHY's 0.15% expense ratio.

Dividends

ZFH.TO vs. USHY - Dividend Comparison

ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, less than USHY's 6.92% yield.

PositionTTM20252024202320222021202020192018201720162015
USHY
iShares Broad USD High Yield Corporate Bond ETF		6.92%6.79%6.89%6.63%6.08%5.07%5.30%5.92%6.30%0.73%0.00%0.00%
ZFH.TO
BMO Floating Rate High Yield ETF		5.21%5.52%7.72%6.98%4.75%4.48%4.51%4.27%4.45%4.58%4.64%4.94%

Frequently Asked Questions

ZFH.TO and USHY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USHY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for ZFH.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.40% for ZFH.TO and 0.15% for USHY.

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